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Fly News Breaks for December 17, 2019
FOE
Dec 17, 2019 | 08:16 EDT
After Ferro announced it has agreed to sell its tile coatings business to Pigments Spain for $460M in cash and the potential for an additional $32M in cash based on performance, Gabelli analyst Rosemarie Morbelli said she believes that management is "aggressively pursuing" other actions to further improve shareholder returns. She calculates that New Ferro may be worth $17 to $20 per share based on her 2020 estimates and recommends purchasing the stock. Morbelli keeps a Buy rating on Ferro.
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